However, has there been any progress on other trade deals? With the markets swinging up and down during Monday's trading session, what is happening?
AgDay and U.S. Farm Report reporter Betsy Jibben has the story.
Japan might increase the amount of agriculture trade conducted with the U.S. through potential trade deal that was announced by President Trump following a meeting with Japanese Prime Minister Shinzo Abe.
U.S. pork exports recorded the highest-ever monthly value in November while U.S. beef export value took another step toward a likely full-year value record, according to data by USDA and compiled by USMEF.
The latest monthly trade data has been tabulated – for August – and U.S. beef trade continued its impressive performance with monthly exports up 9 percent and year-to-date export totals up 14.2% year over year.
It is extremely important for rapid progress to be made in these negotiations if U.S. beef and pork are to remain competitive in the largest value destination for U.S. red meat, says Dan Halstrom, U.S. Meat Export Federation (USMEF) president and CEO.
With red meat demand among Japanese consumers continuing to gain momentum, the U.S. Meat Export Federation introduced new and unique U.S. pork and beef dishes at Foodex Japan, Asia’s largest food trade show.
Japan on Friday lifted longstanding restrictions on U.S. beef in an agreement announced by USDA Secretary Sonny Perdue. The move is expected to pave the way for expanded sales to the U.S.’s top beef export market.
Beef producing countries like Australia, Canada, New Zealand and Mexico are gaining greater access into Japan thanks to lowered tariffs, giving those exporters a significant advantage over U.S. beef producers.